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Oleg Deripaska in $30bn Hong Kong flotation

DIRECTORS of Rusal, the aluminium giant controlled by Russian oligarch Oleg Deripaska, are this week expected to approve a flotation valuing it at $30 billion (£19 billion).

The deal will be one of the biggest floats of the year and, in a snub to the London Stock Exchange, will take place in Hong Kong.

Rusal, the world's biggest maker of aluminium, plans to list 10% of its shares on the Asian market and advisers at Credit Suisse and Goldman Sachs are ready to file a prospectus before the end of the week if the board gives the green light.

While most of the global mining and metals groups are listed in London, Rusal is understood to have opted for Hong Kong partly because of a lawsuit in London in which Mikhail Chernoy, a former associate of Deripaska, is claiming more than $4 billion-worth of shares. The Asian bourse has also